The Republican journal., 1887-07-21
The Nations Progress.

1.-THE Baltimore Manufacturers Record" :"
works at the South, organized or established
during the first half of 1887, against Sl2 dur
ing the same part of 1856. The capital and
capital stock Of the new enterprises it rcckons
at $1Gl III 600 for half of 1887, against $685.
GlS, POO for the same part of last year, and it
maintains that the sum invested in hundreds
of small manufacturing works not included in
the list would largely though not wholly COM
pensate for the over-capitalization of some i'll
corporations. Moreover. no account is taken
of new machinery added by establishments
previously organized. In the South, as the
expression is used by ''The Manufacturers
Record Mar! land is included, but not Dela-
ware nor Missouri. "A considerable addition
would need to be made for the new invest
ments in those States.
''rhe Chicago Railway Age" gives returns
showing that $3.50 miles of new railroad were
built during the first half of 1887. The re-
port is much larger than would he indicated
by the weekly returns to ''The Railway Ga
zctte' of this city, but the latter does not
claim to he able to include all railway con-
struction in its current accounts. Assuming
that ), $50 miles of railroad have been built, at
an average cost of $50 600 per mile. the actual
investment ol cash WouIu DC Sll2,oU,oUO Tor
half the year, but tie market value of stocks
and bonds sold by projectors would doubtless
cover a considerably larger sum.
''Bradstreets' recently published statistics
showing that the expenditure in building, in
thirty-1ive cities which have official records of
structures erected, during five months of the
year 1857 exceeded $1O3 OON,OO BY compari-
son of its tables with the census reports, it is
found that the same thirty-tive cities reported
in 1850, real estate assessed at 50 800 900 900.
while other cities which have no official re-
ports of this nature then reported real estate
assessed ut 1892 100000. If building was the
same rate in other cities, the aggregate cXpcn-
dturc in all cities would be $224, 600 600 in five
months, or about S2G9 100000 for expenditures
in cities only during the half year. Outside the
cities the assessed valuation of real estate In
1850 was about $1,000, 900. Assuming that en-
pendture in building was less than half as
great in proportion to the value Of property in
country towns and districts rs in cities, there
would be about S15O,0OO,OOO to be added. so
that an estimate of S40O. 1000 900 for the cost of
all buildings during the first half of 1857 seems
to be sufficiently justified by the partial re-
turns.
Building in the latter sense may include de-
pots and shops erected by railroad companies.
which forms buta small part of the cost of new
railroads: 1t would also include the cost of the
mere buildings erected by manufacturing cs-
tabshmcnts at the South, which is part, but
certainly not more than third, of the entire
outlay contemplated by new manufacturing es-
tablshments. Roughly speaking, then, the
three items of expenditure may be estimated
at 800, 100000 for building, 500, 900, 900 for
railroad tracks and $10O,0OO,0OO for southern
works exclusive of building; in all 5000, ,O00.-
600 for the half year. To this must be added
I'M allowance which can in no way lie accurate
ly computed for the new manufacturing estab-
li>hments in the North and West and for new
mining operations
Mr.. Mullhall the British statistician, rcckon-
ed that this country produced wealth in excess
of consumption at the rate of $500. .O00, 900 YEAR
ly, and if so third of the expense during the
past half year must have been taken from cap
ital previously idle, or invested in Government
bonds now redeemed, or from capital received
from abroad.
Without attrbuting to these rough estimates
much accuracy, it may fairly be said that they
illustrate ut once the wonderful progress of
the Nation, and at the same time its present
danger The country is growing so surprising
ly that it can add, and apparently has added,
to fixed forms of capital more in half Il year
than the entire accumulation of wealth in Il
whole year by any other nation on earth. But
it has done this by drawing large amounts from
resources previously kept available for ready
commercial use, by increasing debts abroad. or
by transferring to foreign owners the titles to
much property here. n. Y. Tribune.